When There Are Not Enough Assets in the Estate to Satisfy

question 66

Multiple Choice

When there are not enough assets in the estate to satisfy all legacies in the will, the distribution schedule goes through a process of:

• A) Ademption.
• B) Amendment.
• C) Abatement.
• D) Accretion.
• E) Aggregation.

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Definitions:

Willingness to Pay

The highest sum a person is willing to pay for a product or service, signifying the importance they place on it.

Perfectly Competitive

A perfectly competitive market is one where there are many buyers and sellers, homogeneous products, and no barriers to entry or exit, leading to efficient prices.

Maximize

To increase to the greatest possible amount or degree or to achieve the highest possible outcome in a given situation.

Total Benefits

Total benefits refer to the complete range of economic, social, and personal advantages gained from an action or an investment.